Telecom equipment tester Spirent said it plans to sell its network products division to private equity group Doughty Hanson for about £288.9 million. If the deal goes through, Doughty Hanson will assume £11.2 million in debt and the balance will be paid in cash upon completion of the deal. Spirent said the disposal of its HellermannTyton division is part of its plan to refocus on its communications group. The company said it will use some of the proceeds to buy back up to £50 million of the company's stock, repay outstanding loan notes of £70.4 million and make a £47 million investment into the company's pension plan.
For more on the Spirent division sale:
- take a look at this company press release